Walter Glenn

Closing in on retirement age and realizing you're not where you want to be with your savings is scary. You're faced with some tough choices about what to do next, but you do still have options.

The folks at financial blog The Simple Dollar suggest first:

Don't panic. Making financial moves in a panicked mindset has a high likelihood of leading straight to a mistake. Spend some time calming down and realizing that the world is not coming to an end.

After that, ask yourself a few basic questions. Could you work another five years and how might that affect your savings? Could you retire from your full-time job, but still work part-time? Would you be able to downsize and live more simply after retirement than you'd originally planned? Your answers to these questions will vary, of course, but the trick is to sit down, make a plan, and get started on it right now.